Basic Rental Payments Sample Clauses

Basic Rental Payments. Basic Annual Rent as described in Article 3.1 is hereby amended and replaced in its entirety by the following.

Basic Rental Payments. (a) Prior to the Trustee’s close of business on the Business Day prior to each Bond Payment Date the Lessee shall make rental payments (“Basic Rental Payments”) to the Trustee, for the account of the Issuer in an amount equal to the Debt Service on the Bonds due on such Bond Payment Date. (b) The Lessee shall receive a credit against the Basic Rental Payments required by subsection (a) of this Section as follows: (1) The amount of accrued interest received from the sale of the Bonds to the original purchaser or purchasers thereof shall be deducted from the amount of interest due on the first Interest Payment Date for purposes of calculating the required Basic Rental Payment due on such Interest Payment Date. (2) Money received by the Trustee from a draw on the Letter of Credit with respect to Debt Service due on the related Bond Payment Date shall be credited against the Basic Rental Payment due on such Bond Payment Date. (3) Investment income and profits remaining in the Bond Fund after reimbursement of the Bank for amounts due under the Credit Agreement shall be credited against Basic Rental Payments as directed by the Lessee. (4) Any other money held by the Trustee and available under the terms of the Indenture and this Lease Agreement for the payment of Debt Service on the Bonds remaining after reimbursement of the Bank for amounts due under the Credit Agreement shall be credited against Basic Rental Payments as directed by the Lessee. Such directions must be consistent with any mandatory provision of the Indenture and this Lease Agreement with respect to the required use of such money. (c) All Basic Rental Payments shall be made in funds immediately available at the Office of the Trustee on the due date of such Payments. (d) The Lessee acknowledges that Basic Rental Payments required by this Section have been calculated to provide amounts which will be sufficient to pay Debt Service on the Bonds as the same matures and comes due. If on any Bond Payment Date the amount on deposit in the Bond Fund is not sufficient to pay Debt Service on the Bonds due and payable on such Date, the Lessee shall immediately deposit the amount of such deficiency in the Bond Fund. (e) Money on deposit in the Bond Fund may be used to reimburse the Bank for amounts due to the Bank under the Credit Agreement, as provided in Section 8.01 of the Indenture.

Basic Rental Payments. Exhibit D to the Lease, as last amended in the Sixth Amendment to Lease, is hereby deleted and of no further force or effect. For the period commencing on the Effective Date and continuing through the Expiration Date, Tenant shall pay Base Rental in respect of the Leased Premises in accordance with the schedule set forth on Exhibit D attached hereto.

Basic Rental Payments. The Company shall, throughout the Term, pay, or cause to be paid, as Basic Rental Payments, the following amounts: (1) On or prior to any installment payment date for the Bank Loan under the Bank Note, until the principal of, and interest on the Bank Loan shall have been fully paid, a sum which will enable the Issuer to pay the amount payable on such date as principal of (where at maturity, or upon acceleration or otherwise), and interest upon the Bank Note as provided in the Bank Loan Documents. (2) On or prior to any installment payment date for the Facility Loan under the Series A Note, until the principal of, and interest on the Facility Loan shall have been fully paid, a sum which will enable the Issuer to pay the amount payable on such date as principal of (whether at maturity, or upon acceleration or otherwise), and interest upon the Series A Note as provided in the Facility Loan Documents.

Basic Rental Payments. The Lease Agreement requires the Lessee to make payments at times and in amounts sufficient to pay debt service on the Bonds when due. The Lease Agreement provides in effect that payments by the Lessee that would otherwise be available for payment of debt service on Bonds may be used to reimburse the Bank for the amount of draws made under the Letter of Credit for such purposes.

Basic Rental Payments. Draws Under Letter of CreditBasic Rental Payments; Draws Under Letter of Credit (a) On or before 10:00 a.m. (Birmingham, Alabama time) on each Bond Payment Date, the User shall pay to the Trustee, for the account of the Issuer, as Basic Rent for the use an occupancy of the Project, an amount equal to the principal of, premium (if any) and interest on the Bonds due and payable on such Bond Payment Date; provided, however, that (i) any amount already on deposit in the Bond Fund on the due date of such Basic Rental Payment and available for the payment of the principal of, premium (if any) and interest on the Bonds on such Bond Payment Date shall be credited against the amount of such Basic Rental Payment, and (ii) any amount drawn by the Trustee pursuant to the Letter of Credit for the payment of the principal of, premium (if any) and interest on the Bonds on such Bond Payment Date shall be credited against such Basic Rental Payment. (b) On each Bond Payment Date prior to 10:00 a.m. (Birmingham, Alabama time) the Trustee shall, without making any prior claim or demand on the User for the payment of Basic Rental Payments with respect to Bonds make a draw on the Letter of Credit in an amount equal to the amount of principal of, premium (if any) and interest on the Bonds due and payable on such Bond Payment Date. The User shall receive a credit against Basic Rental Payments for the amount so drawn. (c) The User hereby authorizes and directs the Trustee to draw moneys under the Letter of Credit in accordance with the provisions of the Indenture and this Lease Agreement to the extent necessary to pay the principal of, premium (if any) and interest on the Bonds when due and payable pursuant to the Indenture and the Letter of Credit. (d) All Basic Rental Payments shall be made in funds immediately available to the Trustee at its Principal Office on or before the related Bond Payment Date. (e) If any Basic Rental Payment is due on a day which is not a Business Day, such payment may be made on the first succeeding day which is a Business Day with the same effect as if made on the day such payment was due. (f) The User acknowledges, covenants, and agrees that until the Indenture Indebtedness is paid in full the User shall make Basic Rent Payments in such amounts and at such times as shall be necessary to enable the Trustee to pay in full in accordance with the Indenture the principal of, premium (if any) and interest on the Bonds when and as the same becomes due and p...

Basic Rental Payments. 3.1 Basic Annual Rent Tenant agrees to pay to Landlord the amounts specified below as basic annual rent (the "Basic Annual Rent") at such place as Landlord may designate, without prior demand therefore and without any deduction or set off whatsoever. Year Rentable Square Feet Rate per RSF Monthly Basic Annual Rent Basic Annual Rent 2010 3,000 $11.00 $2,750.00 $33,000.00 201l 3,000 $11.50 $2,875.00 $34,500.00 2012 3,000 $12.00 $3,000.00 $36,000.00 2013 3,000 $13.00 $3,250.00 $39,000.00 2014 3,000 $13.50 $3,375.00 $40,500.00 Said Basic Annual Rent shall be due and payable intwelve (12) equal monthly installments to be paid in advance on or before the first day of each calendar month during the term of the Lease. Simultaneously with the execution hereof, Tenant has paid to Landlord the first month's rent, receipt whereof is hereby acknowledged, subject to collection, however, if made by check.

Basic Rental Payments